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December 5, 2022
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Guide & Analysis

Even with a drop in the market, Cardano (ADA) reaches its highest value ever

Cardano’s ADA hit an all-time high on Thursday, with the currency maintaining its upward momentum.

In 2021, the ADA went from $ 0.181 to $ 1.95, which is more than 900% up for the cryptocurrency, while Ethereum (ETH) also saw significant gains. ADA is a competitor of ETH, having been created by the mathematician and co-founder of Ethereum Charles Hoskinson, who launched Cardano in 2017.

Source: CoinGecko

His goal was to create a fast and scalable blockchain. Thanks to its proof of participation consensus (POS) mechanism, this has been the case. It provided much faster transactions at negligible rates compared to ETH.

The upward trend of the ADA may come as a surprise to some, after Elon Musk triggered a correction crypto on the market after tweeting that Tesla will no longer accept Bitcoin (BTC) for purchases. This is due to the energy consumption rate when mining cryptocurrencies. Most major cryptocurrencies have suffered a major blow, including Bitcoin, ETH and Dogecoin (DOGE).

The news enlivened Twitter with many users enthusiastic about where the ADA could go. Some were wondering if the ADA was the new currency to never sell, while others were convinced that Musk was behind the rise.

The big plans of the project

This follows the recent announcement that Cardano’s parent company, Input Output, has partnered with the World Mobile Group. The partnership aims to expand Cardano use cases in African countries, such as Tanzania and Ethiopia.

Cardano’s CEO, Charles Hoskinson, previously spoke about the company’s roadmap and its five-year goals set for the project:

“Of course, I’m a very optimistic person and I tend to underestimate the complexity of engineering and science, so we haven’t reached that milestone. 2021 is our overflowing year, in which we are working together and activating all the things we have dreamed of for the past five years, ”said Hoskinson.

Source: BeinCrypto

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